SECURITIES ASSIGNMENT AGREEMENT
Exhibit 10.13
This Securities Assignment Agreement (this “Assignment”), dated as of October 25, 2010, is
made and entered into by and among JWC Acquisition, LLC, a Delaware limited liability company (the
“Seller”) and the parties identified on the signature page hereto (each a “Buyer” and collectively,
the “Buyers”).
WHEREAS, on the terms and subject to the conditions set forth in this Assignment, the Seller
wishes to assign an aggregate of 23,400 shares (the “Shares”) of common stock (“Common Stock”) of
the JWC Acquisition Corp. (the “Company”) to the Buyers and the Buyers wish to purchase the Shares
from the Seller.
NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual
covenants contained in this Assignment, and for other good and valuable consideration, the receipt,
sufficiency and adequacy of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows:
Section 1 Assignment of Shares. Seller hereby assigns 11,700 Shares to each Buyer, of
which 1,607 Shares shall be subject to forfeiture by each such Buyer to the extent the
underwriters’ over-allotment option (as described in the Company’s registration statement on Form
S-1, as amended (File Number 333-168798) (the “Registration Statement”), under the Securities Act
of 1933, as amended (the “Act”), relating to an underwritten public offering by the Company (the
“Offering”)) is not exercised in full. In addition, a portion of the Shares held by each Buyer, in
an amount equal to 0.0125% of the Company’s issued and outstanding shares immediately after the
Offering (the “Buyer Earnout Shares”), shall be subject to forfeiture by each Buyer in the event
that the last sales price of the Company’s stock does not equal or exceed $12.00 per share (as
adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30-trading day period within 24 months following the closing of the
Company’s initial business combination (as described in the Registration Statement). The Buyers
have each paid to the Seller an aggregate amount of $118.70 (the “Purchase Price”), in
consideration of the assignment of the Shares.
Section 2 No Conflicts. Each party represents and warrants that neither the execution
and delivery of this Assignment by such, nor the consummation or performance by such party of any
of transactions contemplated hereby, will with or without notice or lapse of time, constitute,
create or result in a breach or violation of, default under, loss of benefit or right under or
acceleration of performance of any obligation required under any agreement to which it is a party.
Section 3 Investment Representations. Each Buyer represents and warrants, with
respect to himself only, as follows: Such Buyer hereby acknowledges that an investment in the
Shares involves certain significant risks. Such Buyer has no need for liquidity in its investment
in the Shares for the foreseeable future and is able to bear the risk of that investment for an
indefinite period. Such Buyer acknowledges and hereby agrees that the Shares will not be
transferable under any circumstances unless registered by the Company in accordance with
federal and state securities laws or sold in compliance with an exemption under such laws and
such transfer complies with all applicable lock-up restrictions on such Buyer (as described in the
Registration Statement). Such Buyer further understands that any certificates evidencing the
Shares bear a legend referring to the foregoing transfer restrictions. Such Buyer also
acknowledges and hereby agrees that such Buyer shall return to the Company for cancellation, at no
cost, (i) 1,526 Shares held by each such Buyer to the extent the underwriters’ over-allotment (as
described in the Registration Statement) is not exercised in full and (ii) its Buyer Earnout Shares
in the event that the last sales price of the Company’s stock does not equal or exceed $12.00 per
share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the
like) for any 20 trading days within any 30-trading day period within 24 months following the
closing of the Company’s initial business combination (as described in the Registration Statement).
The Shares are being acquired solely for such Buyer’s own account, for investment purposes only,
and are not being purchased with a view to or for the resale, distribution, subdivision or
fractionalization thereof; and such Buyer has no present plans to enter into any contract,
undertaking, agreement or arrangement for such resale, distribution, subdivision or
fractionalization. Such Buyer has been given the opportunity to (i) ask questions of and receive
answers from the Seller and the Company concerning the terms and conditions of the Shares, and the
business and financial condition of the Company and (ii) obtain any additional information that the
Seller possesses or can acquire without unreasonable effort or expense that is necessary to assist
such Buyer in evaluating the advisability of the purchase of the Shares and an investment in the
Company. Such Buyer is not relying on any oral representation made by any person as to the Company
or its operations, financial condition or prospects. Such Buyer is an “accredited investor” as
defined in Regulation D promulgated by the Securities and Exchange Commission under the Act. In
the event such Buyer does not join the Board of Directors of the Company upon the consummation of
the Offering (whether and either at the election of the Company or such Buyer for any reason), then
the Buyer shall promptly return the Shares to the Company.
Section 4 Miscellaneous. This Assignment, together with the certificates, documents,
instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and
understanding of the parties hereto in respect of its subject matter. This Assignment may be
executed in two or more counterparts, each of which will be deemed an original but all of which
together will constitute one and the same instrument. This Assignment may not be amended, modified
or waived as to any particular provision, except by a written instrument executed by all parties
hereto. Except as otherwise provided herein, no party hereto may assign either this Assignment or
any of its rights, interests, or obligations hereunder without the prior written approval of the
other party.
[SIGNATURE PAGE FOLLOWS]
2
IN WITNESS WHEREOF, the undersigned have executed this Assignment to be effective as of the
date first set forth above.
| JWC ACQUISITION, LLC | ||||||
| By: | /s/ Xxxx X. Xxxxxx | |||||
| Title: President | ||||||
| BUYERS: | ||||||
| /s/ Xxxx X. Xxxxx | ||||||
| Xxxx X. Xxxxx | ||||||
| /s/ Xxxxx Xxxx | ||||||
| Xxxxx Xxxx | ||||||
Signature Page to Securities Assignment Agreement
